Monster oil rigs draw attention in Texas for faster drilling
July 9, 2017
HOUSTON (AP) — Oil companies are shelling out more cash and signing long contracts for a limited supply of monster rigs that drill wells much faster than the older models that led the U.S. first shale boom.
The Houston Chronicle reports some rig suppliers have recently signed 18-month and two-year contracts for these so-called super-spec rigs, collecting up to 20 percent more in daily rates as U.S. producers scramble to lock down the most efficient rigs in the nation's fleet.
Earlier this year, oil producers had resisted entering higher-priced long-term contracts, but these new agreements...